25858 N Cherry St #49858 · Long Neck, DE 19966

$129,900

3 bd · 2.0 ba · 1,904 sqft · SingleFamily · 129 Days on market

Built 2002 Fair condition 8,276 sqft lot $68/sqft · 16% below area Est $155k · 16% under ↓ 27% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +14.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

Key facts

• 8,276 sq ft lot
• 4 parking spots
• Built 2002

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 3.2% in Long Neck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#30 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, schools F, amenities F.
• Indian River School District (rural): math 25% / reading 41% proficiency, ranked #14 of 26 in DE (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 865 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).
• This rent runs 37% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.87% ✓
• Cap rate: 15.75%
• Cash-on-cash: 33.77%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (median comp): $154,988
• List price: $129,900
• Delta: -16.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35615 Knoll Way #43056	0.35mi	3/2.0	1,904 (0%)	6mo	$215,000	$113	78
25970 Seagull Ln #37177	0.32mi	3/2.0	1,940 (+2%)	9mo	$159,000	$82	74
26235 Cove Dr	0.32mi	3/2.0	1,792 (-6%)	11mo	$157,000	$88	66
35665 Knoll Way	0.41mi	3/2.0	1,792 (-6%)	9mo	$130,000	$73	63
26253 Cove Dr #47954	0.30mi	2/2.0 (-1)	1,792 (-6%)	13mo	$210,000	$117	60
25860 Mahogany St #4479	0.24mi	3/2.0	1,680 (-12%)	12mo	$129,000	$77	59
35442 Joann Dr	0.53mi	2/2.0 (-1)	1,950 (+2%)	10mo	$155,000	$79	58
26273 N Cove Dr #47846	0.29mi	3/2.0	1,624 (-15%)	9mo	$210,000	$129	54
26396 Pine Cone Dr Lot 152	0.74mi	2/2.0 (-1)	1,904 (0%)	8mo	$235,000	$123	54
36259 South Gull Vw #39	0.59mi	3/2.0	2,072 (+9%)	9mo	$423,000	$204	50
35623 Joann Dr	0.43mi	3/2.0	1,680 (-12%)	13mo	$110,000	$65	49
23643 Jennifer Lee Dr	0.39mi	3/2.0	1,624 (-15%)	11mo	$75,000	$46	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $15,134
• Equity at exit: $19,369

10-year hold

• IRR: 19.7%
• Equity multiple: 2.67×
• Total profit: $60,658
• Equity at exit: $11,231

Cash invested: $36,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19966

• Home prices YoY: -6.4%
• Active inventory: 865
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,432 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $563

Break-even live

Break-even rent $1,719

Max offer price $129,900

Occupancy floor 72%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35805 S Gloucester Cir Millsboro, DE	3.0	2.5	2100	$2,300	$1.10	43d	1	0.68mi
35829 S Gloucester Cir Unit 35829 Long Neck, DE	3.0	2.5	1500	$1,995	$1.33	13d	1	0.69mi

Listing history 12 events

1. 2026-06-01
   status $129,900 Pending 129 DOM
2. 2026-05-19
   historical Active Under Contract 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

3. 2026-04-21
   price $129,900 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

4. 2026-03-16
   price $138,000 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

5. 2026-03-08
   price $144,000 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

6. 2026-01-09
   listed $149,900 Active 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

7. 2026-01-07
   historical $149,900 924-char remark

   Show marketing remark (924 chars)

   MOTIVATED, BRING AN OFFER!!! REDCUED, LETS GO!!! BRING AN OFFER, LETS CHAT!!!! Welcome to 25858 N Cherry Street, Millsboro de 19966!!! This great home is in popular Bay City community that is located on the Rehoboth Bay!!! This 1901 square foot home features 3 nice size bedrooms, 2 full bathrooms, a living room, dining area and family room. The kitchen has oak cabinetry and white appliances. All appliances come with the home including the washer and dryer. The roof is newer and is a metal roof. The best part of the home is the nice porch area with windows that slide up and down. The deck is off the back of the home for more entertaining space. This home does have a land lease that is $778 monthly. The community has great boat slips for seasonal rental, playground, beach area and tennis courts. This home can be lived in year-round, or for summer usage only. Add some new paint and make this lovely home shine.

8. 2025-12-10
   historical
9. 2025-07-22
   price $159,900
10. 2025-06-25
    price $169,900
11. 2025-05-20
    listed $179,000 Active
12. 2025-05-09
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,183
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$6,175
• − Repairs & maintenance: −$2,335
• − Management: −$2,335
• − Depreciation: −$3,779
• Taxable income: $5,336
• Est. tax owed @ 24.0%: −$1,281
• After-tax cash flow: $5,477/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This 1901 square foot home in the Bay City community of Millsboro, DE, requires moderate renovations, including landscaping and painting, to improve its resale and rental value.

Repairs flagged

• Minor Landscaping — Dry grass and bare soil around the house.
• Minor Porch windows — Sliding windows on porch may need cleaning or minor repairs.

Value-add opportunities

• Both Landscaping and curb appeal — Improving the landscaping and curb appeal can enhance both resale and rental value.
• Both Painting interior and exterior — Fresh paint can improve the home's appearance and value.
• Both Reconditioning sliding windows — Clean and functional windows can increase the home's appeal and value.
• Rental Land lease — Removing the land lease can make the property more attractive to renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Dry grass and bare soil around the house.	Minor	$500–3,000
Porch windows · Sliding windows on porch may need cleaning or minor repairs.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Landscaping and curb appeal — Improving the landscaping and curb appeal can enhance both resale and rental value. ↑
• Both Painting interior and exterior — Fresh paint can improve the home's appearance and value. ↑
• Both Reconditioning sliding windows — Clean and functional windows can increase the home's appeal and value. ↑
• Rental Land lease — Removing the land lease can make the property more attractive to renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Indian River School District
• NCES district ID: 1000680
• Math proficiency: 25% ▼ -27.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $53,838
• Composite: 28.99/100
• National rank: #6620
• State rank: #14 of 26 in DE

Livability — Long Neck

• Score: 69/100
• State rank: #30
• US rank: #8720

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• Metro: Salisbury, MD-DE
• Population (ZIP): 35,884
• Household income: $78,305
• Rent vs Own: 17.8% rent · 82.2% own
• Severe rent burden: 464.0

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Black 8% Two or more races 7% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 4% Slovak 2% Serbian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Other Indo-European 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.26%
• Current HPI: 268.5609
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

-27.4% since first listed

11 events — show timeline

• 2026-05-19 Contingent — BRIGHT MLS
• 2026-04-21 Price Changed $129,900 BRIGHT MLS
• 2026-03-16 Price Changed $138,000 BRIGHT MLS
• 2026-03-08 Price Changed $144,000 BRIGHT MLS
• 2026-01-09 Listed $149,900 BRIGHT MLS
• 2026-01-07 Coming Soon $149,900 BRIGHT MLS
• 2025-12-10 Listing Removed — BRIGHT MLS
• 2025-07-22 Price Changed $159,900 BRIGHT MLS
• 2025-06-25 Price Changed $169,900 BRIGHT MLS
• 2025-05-20 Listed $179,000 BRIGHT MLS
• 2025-05-09 Coming Soon — BRIGHT MLS